Risk Manager - Insurance & Financial Risk

General Job description and person specification Job Title:  Risk Manager - Insurance & Financial Risk Division:   Risk and Compliance                     Reports To:  As per Beazley’s organisation chart Key Relationships: Risk and Compliance, Group Actuarial (incl

Capital Modelling, Reserving and Pricing), External Validation Consultancy, Ceded Reinsurance, Exposure Management, Underwriting, Investments

Job Summary: The role will support a range of risk management activities, with a particular focus on insurance and financial risk

This will involve performing internal model and technical provisions validation, writing risk reports and analysis (including the ORSA), providing review and challenge of first line processes (including through RCSAs), providing risk opinions on specific risk areas, as well as supporting the risk team with the delivery of the wider risk management framework

This role is most likely to suit a nearly/newly qualified actuary, although we will consider applicants who don’t quite fit this description

The candidate should either have experience in risk, or have capital modelling experience (in-house or consulting) and be keen to transition into risk work

Key Responsibilities Provide challenge of Beazley’s first line processes around insurance and financial risk, including reserving, pricing, capital modelling, business planning, underwriting, outwards reinsurance, exposure management and investments

This should include supporting with Risk and Control Self-Assessments (RCSAs)

Performing internal model validation as well as the production of validation reports for the Board, in collaboration with the first line teams and external independent validators

Support the delivery of the Own Risk and Solvency Assessment (ORSA) for Beazley’s various entities, particularly those sections relating to insurance and financial risk (e.g

Capital and Stress and Scenario Testing)

Performing the validation of the technical provisions, including setting the annual scope, performing the testing and producing reports

Produce risk reporting and opinions, reviews of key risks and hot topics influencing Beazley’s risk profile, to support reporting to internal and external stakeholders

Maintain strong stakeholder relationships with members of the first line, to help support Beazley’s risk management framework

Facilitate the delivery of certain key submissions (e.g

Climate Biennial Exploratory Scenarios, Insurance Stress Tests)

Ensure close collaboration with other risk managers, supporting their workload as appropriate

Support with the continued development of the wider risk management framework

General It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers

We also expect Beazley employees to: Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct

Undertake training on Beazley policies and procedures as delivered by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system

Display business ethics that uphold the interests of all our customers Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs

Comply with any specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas

This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management

Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system

These may include membership of any Beazley committees or working groups

Personal Specification: Essential Criteria Experience of working as a risk actuary would be an advantage, but if lacking in risk experience, should have capital modelling experience (in-house or consulting) and be keen to transition into risk work

Experience in performing internal model and technical provisions validation would be an advantage for this position

Experience of providing challenge across any of the following areas would be an advantage: reserving, pricing, capital modelling, business planning, underwriting, outwards reinsurance, exposure management and investments

Education and Qualifications Nearly/newly qualified actuary, although we will consider applicants who don’t quite fit this description

Skills and Abilities Methodical approach to problem solving, with a high attention to detail

Ability to act pragmatically in the face of new challenges and exercise sound judgements based on overall business needs

Excellent interpersonal, communication skills, and ability to tailor communication to both technical and non-technical audiences

Ability to prepare comprehensive well written reports for internal and external stakeholders

Proven project management and organisational skills with track record of delivering projects to strict deadlines

Results oriented, with the energy and determination to succeed in a fast-paced environment Advanced proficiency in using Microsoft Office

Knowledge and Experience Knowledge of Solvency II / Lloyd’s requirements, risk management and actuarial principles

Experience in providing risk challenge to the first line and producing and presenting risk analysis to internal and external stakeholders

Interest in gaining a deeper understanding of insurance and financial risk management in the Lloyd's / London Market

Aptitude and Disposition Outcome focussed, self-motivated, agile and flexible Technically innovative, a problem solver and solution builder Professional approach to interact successfully with colleagues Able to work with multi-cultural and multi-location teams Ability to work closely in a team environment and develop productive working relationships Willingness to learn and achievement drive Competencies Information seeking Problem solving Technical expert Time management Stakeholder management Influencing others Quality focused Initiative Customer focused Analytical thinking Team working